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Daily Financial Market News

Tue, 21 Nov 2017 08:00:00 GMT

Crude Oil Prices Eye Inventory Data as Gold Awaits Yellen Speech

Crude Oil Prices Eye Inventory Data as Gold Awaits Yellen Speech Search DailyFX Home Rates Charts News Market News Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Market News Headlines Ethereum Price Rally Stalls Ahead of Key Resistance Targets U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful DXY Index Firms Up, but Still Stuck in Range Technical Analysis Analysis Technical Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Technical Analysis Headlines DAX Technical Analysis: Trading in Tight Window of Support & Resistance EUR/GBP Technical Analysis: Move Back Below 0.88 Hinted Ahead ASX 200 Technical Analysis: Retreat Finds Support But It Must Hold Calendars Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar Forex Economic Calendar Time Event Actual Forecast Rates Charts Education Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS × Get the best parts of DailyFX.com in the new DailyFX App Download × Join Us For Our Free Webinars Get daily market analysis from our in-house experts Choose from more than 25 webinars each week Put your questions to our experts in real-time Q&As Register now Want to hold off on improving your trading? Click here to dismiss. × Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: The basics of forex trading and how to develop your startegy Foundational knowledge to help you develop an edge in the market What's ahead for major FX pairs, Gold, Oil and more Download a Free Guide Want to hold off on improving your trading? Click here to dismiss. EUR/USD Low High View More Note: Low and High figures are for the trading day. News U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range GBP/USD Low High View More Note: Low and High figures are for the trading day. News DXY Index Firms Up, but Still Stuck in Range Asia AM Digest: British Pound Gains on Brexit Breakthrough Hopes GBP/USD Marches Toward Monthly-High (1.3321) Ahead of BoE Testimony USD/JPY Low High View More Note: Low and High figures are for the trading day. News DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range DailyFX US AM Digest: Euro Retakes Earlier Losses; Dollar Stable at US Open Gold Low High View More Note: Low and High figures are for the trading day. News DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range Technical Analysis for Gold, Silver, Crude Oil, DAX & More Oil Low High View More Note: Low and High figures are for the trading day. News Technical Analysis for Gold, Silver, Crude Oil, DAX & More Crude Oil Prices Eye Inventory Data as Gold Awaits Yellen Speech Gold Prices May Continue Higher as German Coalition Crumbles BITCOIN Low High View More Note: Low and High figures are for the trading day. News Bitcoin Rallys Through $8,200; New Crypto Market Cap Record Bitcoin Soars Then Retreats; Good News Continues Bitcoin Momentum Continues, Hedge Fund Giant Signals Interest View More More Real-Time News Facebook Twitter Youtube Google + Crude Oil Prices Eye Inventory Data as Gold Awaits Yellen Speech by  Ilya Spivak, Sr. Currency Strategist  Fundamental analysis, economic and market themes Connect via: Talking Points: Crude oil prices look to API inventory figures for fresh direction cues Gold prices slump back to range floor, eye Yellen speech for guidance How are DailyFX Q4 crude oil, gold forecasts faring ? Find out here Crude oil prices paused to consolidate amid a lull in top-tier news flow, as expected . The weekly API inventory flow report is now in focus. Official EIA statistics due on Wednesday ae expected to show a 1.7 million barrel drawdown and this release will be judged against that baseline. A larger outflow is likely to boost prices while a smaller one (or even an unexpected build) are likely to send them downward. Gold prices turned lower as markets digested risk aversion triggered Friday following news that Special Counsel Robert Mueller subpoenaed the Trump campaign. A speech from Fed Chair Janet Yellen is now in focus. She might be more candid having announced her departure from the central bank after Jerome Powell takes over in February and traders will keen to glean any new insights about the 2018 policy outlook. What are the forces driving long-term crude oil price trends? See our free guide to find out ! GOLD TECHNICAL ANALYSIS – Gold prices slumped back into a familiar congestion range after testing resistance near 1297.74, the 38.2% Fibonacci retracement. From here, breaching the 38.2% Fib expansion at 1269.10 on a daily closing basis exposes the 1257.69-60.80 area (October 6 low, 50% expansion). Alternatively, a push above 1297.74 sees the next upside hurdle in the 1306.04-9.15 region (October 16 high, 50% retracement) . Chart created using TradingView CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices stalled after bouncing to retest support-turned-resistance at 56.82. A daily close above this barrier opens the door for a challenge of the 57.72-92 area (23.6% Fibonacci expansion, November 8 high). Alternatively, a turn back below the 23.6% Fib retracement at 55.01 exposes the 38.2% threshold at 53.21. Chart created using TradingView --- Written by Ilya Spivak, Currency Strategist for DailyFX.com To receive Ilya's analysis directly via email, please SIGN UP HERE Contact and follow Ilya on Twitter: @IlyaSpivak DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Related Articles Previous Articles From commodities Related Prev Articles   Ethereum Price Rally Stalls Ahead of Key Resistance Targets   U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful   DXY Index Firms Up, but Still Stuck in Range   Aussie Dollar May Fall Further, Pound at Risk on BOE Testimony   GBP/USD Marches Toward Monthly-High (1.3321) Ahead of BoE Testimony   Gold Prices May Continue Higher as German Coalition Crumbles   Crude Oil Prices May Fall as Gold Gains Amid Risk Aversion   Gold Prices Look to Fed-Speak for Possible Breakout Trigger   Crude Oil Prices Eye Inventory Data After Largest Drop in 2 Months   Gold Prices Look to Fate of US Tax Cuts for Direction, Yellen to Speak Advertisement Upcoming Events Economic Event Importance Actual - Forecast - Previous Importance Actual - Forecast - Previous Forex Economic Calendar A:  Actual   F:  Forecast     P:  Previous NEWS Articles Real Time News Daily Briefings Forecasts DailyFX Authors TECHNICAL ANALYSIS Articles Analyst Picks Support & Resistance Pivot Points Sentiment CALENDAR Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar EDUCATION Forex Trading University Trading Guide DAILYFX PLUS RATES CHARTS RSS Past performance is no indication of future results. 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